Education is a cornerstone of human and national development, driving economic growth, social mobility, and individual advancement. However, financial barriers often limit access to higher education in Nigeria. To address this, the government under President Bola Ahmed Tinubu enacted the Students Loans (Access to Higher Education) Act No. 12 of 2024, establishing the Nigeria Education Loan Fund (NELFUND) to support tuition payments for eligible students. While the policy aims to promote educational empowerment, concerns persist about its potential to exacerbate debt burdens, particularly amid high graduate unemployment. This paper critically examines the philosophical foundations and practical implications of the loan policy, questioning whether it fosters genuine empowerment or imposes economic strain on beneficiaries. Through a five-point critique, the paper evaluates the policy’s accessibility, equity, repayment structure, and administrative efficiency, highlighting challenges such as restrictive eligibility, interest accrual, opaque funding sources, and bureaucratic bottlenecks. It also assesses the policy’s attention to marginalised groups, its alignment with social justice principles, and its contribution to sustainable development. Employing a critical and hermeneutic approach, the paper interrogates the policy’s assumptions, power relations, and potential impacts. The paper concludes that while the initiative holds promise, its effectiveness could be undermined by systemic inequities and administrative inefficiencies. Recommendations include designing a more inclusive financing framework with simplified application processes, transparent governance, and flexible repayment terms.